REWARD TO MOTIVATE EMPLOYEES

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    01-Dec-2014

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REWARD TO MOTIVATE EMPLOYEES

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<ul><li> 1. WELCOME </li> <li> 2. GROUP MEMBERS Rezwan Ahmed Tasnia Towhid Maidah Karim Disha Neel Kanto Das Shuvra Hijbullah Patwary Md. Monirujjaman </li> <li> 3. REWARD TO MOTIVATE EMPLOYEES </li> <li> 4. INTRODUCTION Why do we need to motivate? Why do we need to reward? Relation with major job attitude Job satisfaction Job involvement Organizational commitment Relation with biographical characteristics Turn over rate Absenteeism Productivity Job satisfaction </li> <li> 5. PAY PROGRAMMES Piece Rate Pay Merit Based Pay Skill Based Pay Profit sharing Plans Gainsharing </li> <li> 6. PIECE RATE PAY Employees are paid only for what they produce. No base salary. A fixed pay element and time period for each unit. The more a employee can produce, the more he can earn. Example :- An employee works at samsung company. He produces 500 phones in 40 hours per week. For each phone he is paid $2.00. so for total 500 phones he will be paid (500x2)=$1000. If another employee works 10 hours extra overtime and produces 100 extra phones then he will get extra payment for his overtime along with $1000. </li> <li> 7. RELATED THEOREM We can relate pay rate plan with Reinforcement Theory. Nature of reinforcement:- reward given at fixed amounts of output. Effect on behavior:- high and stable performance attained quickly. </li> <li> 8. MERIT BASED PAY Based on performance appraisal ratings Employees put maximum effort for best performance Expectancy Theory: Employees motivated to high level of effort Lead to good performance Organizational rewards and satisfy personal goals Limitations: Based on annual performance Pay raise pool fluctuates based on economic condition Examples: IBM Milken Family Foundation </li> <li> 9. Skill based pay Advantages Increases flexibility of workforce. Facilitates communication. Increases productivity. Disadvantages Dont address level of performance. Can frustrate employees. Related theorem </li> <li> 10. PROFIT BASED PLANS ADVANTAGE Motivates employees to increase performance Employees can earn more if organizations profit increases DISADVANTAGE Demotivates those employees that do not get the share Can lessen employees performance </li> <li> 11. GAINSHARING ADVANTAGES Payouts are self-funded from savings generated by the plan Promotes morale, pride, and more positive attitudes toward the organization Helps companies achieve sustained improvement in key performance measures Rewards only performance improvement Enhances employee focus and awareness DISADVANTAGES Requires a participative management style Requires that management openly shares information related to performance measures Measures are narrower than organization-wide profit and therefore gains may be paid even though profits may be down. </li> <li> 12. THANK YOU </li> </ul>

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